The Trade and Investment Ministry of Fiji has announced that it has identified approximately 1,000 people who lost savings that they had deposited with five microfinance institutions (MFIs) and has started reimbursement of their claims [1][2]. In February, a total amount of USD 712,000 belonging to an estimated 9,200 rural people was discovered missing from the five MFIs. This has prompted a review of laws regulating the microfinance sector and an audit of all MFIs in the country.
By Nisha Koul, Research Associate
Sources and Additional Resources:
[1] Fiji Broadcasting Corporation, “Microfinance reimbursement soon,” http://www.fbc.com.fj/fiji/19306/microfinance-reimbursement-soon
[2] Fiji News, “MFIs rip 9200 people of savings,” http://fijilive.com/news/2014/02/mfis-rip-9200-people-of-savings-trade/56658.Fijilive
MicroCapital Story, August 16, 2013, “Fiji’s National Financial Inclusion Taskforce (NFIT), Reserve Bank of Fiji (RBF), Pacific Financial Inclusion Program (PFIP) Make Progress Towards 2014 Goal of Financial Inclusion for 150k Unbanked Citizens,” https://www.microcapital.org/microcapital-brief-fijis-national-financial-inclusion-taskforce-nfit-reserve-bank-of-fiji-rbf-pacific-financial-inclusion-program-pfit-make-progress-towards-2014-goal-of-financial-inclusion/
MicroCapital Story, January 29, 2013, “Fijian Economist Baljeet Singh Recommends Government, Microfinance Institutions Expand Services to Micro-, Small and Medium-sized Enterprises to Boost Exports, Counter Urbanization,” https://www.microcapital.org/microcapital-brief-fijian-economist-baljeet-singh-recommends-government-microfinance-institutions-expand-services-to-micro-small-and-medium-sized-enterprises-to-boost-exports-counter-urbanization/
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